Billing Services for Your New Medical Practice
If you’ve recently opened a new medical practice or are thinking of starting one, congratulations!
The planning and start-up phase for a medical practice or group can be an exciting time…and also a challenging one. You’ll be busy building out your office or clinic, buying equipment, hiring staff, developing relationships with other physicians, and implementing marketing.
In the early days of a medical practice, every decision seems to take on added import, and there’s less room for error. And when money’s tight, controlling cash flow becomes imperative!
Because 100% of your cash flow is dependent on billings and collections, how you process claims can make the difference between success and failure, making this one of the most important choices you’ll make.
In regard to medical billing, you’ll need to make a few key decisions. First, you’ll need to determine whether you’re going to attempt medical billings on your own or hire an outside company.
If you decide to hire a medical billing services company, the main criteria you should evaluate are:
- Average collection rates (in terms of percentages collected and number of days to process a claim)
- Accuracy of medical claims filed
- Years of experience in the medical billing industry
- Type of medical billing / EMR & EHR software used
- Responsiveness and customer service
If you opt to process claims in-house, you’ll need to choose an effective, easy-to-use medical billing EMR/EHR software. Be careful that you don’t purchase software that’s attached to a medical billing company. Many doctors are told, “billing is billing,” only to find out a few months later that the practice has no relationship with their billing partner, can’t meet with them in person, and are having trouble with cash flow.
To set up a free consultation or for more information, please call 303-755-2900 or email firstname.lastname@example.org.